During the holiday season, when retailers typically generate as much as 40% of their annual sales, Americans actually cut their spending, according to industry experts. Total retail sales, excluding gasoline and autos, were down between 2.5% and 4% this holiday season, compared with the same period in 2007, according to MasterCard Inc.’s SpendingPulse unit. That makes it among the worst holiday seasons of all time, says Michael McNamara, a vice president. One of the few exceptions was A...